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Northteq, a lending solutions provider based in Minneapolis, has facilitated the core equipment lending process and increased revenue for over 175 clients.

Aurora, its automated origination platform and vendor/borrower portal, eliminates manual processes while delivering an exceptional user experience. By partnering with industry leaders like FICO and Middesk, Northteq creates seamless integrations that let lenders move faster without sacrificing accuracy or ease of use. The company is primarily owned and operated by Arthur Ventures, a $2 billion equity firm that also invests in several well-known B2B software companies.

Recently, Northteq developed Aurora IDP (Intelligent Document Processing) to address  the pervasive industry bottleneck of redundant data entry. Many operations specialists regularly spend five to 10 minutes entering and re-entering information into their system, then validating that what they entered matches their records. While solutions for document scanning have been on the market for quite some time, very few can adapt to the nuances of the equipment leasing space.

Aurora IDP helps lenders and analysts process documents accurately and easily. The software allows users to submit documents through different channels, such as email and an API, then extracts the data and displays it alongside the original document for easy comparison. After an invoice is sent, Aurora confirms data matching and insights, allowing the analyst to focus on the rest.

When using Aurora IDP, operations teams saw a 75% reduction in documentation processing time without a noticeable increase in errors. The faster processing allows lenders to manage 4-5 times more files and forms than they could without Aurora IDP. Vendors benefit from submitting documentation where they already work, with no complex new software to learn or navigate.

Above all, Northteq continues to augment the work that equipment finance teams do, rather than replace or completely automate their processes. The company believes talking to those who do the work is of utmost importance and will continue to incorporate their feedback and pain points into every update to Aurora LOS and portal.